“America first” policy is a bad sign for the global economy

VDMA Executive Director Thilo Brodtmann criticizes the announcements made by the US President-elect Donald Trump.

The VDMA director says in a press release that; “The ‘America first’ policy announced by Donald Trump is a bad sign for the global economy. Ensuring and expanding free trade do not appear to be on his agenda, neither before nor after the election. Instead, the US President-elect wants to turn back the clock, starting with putting a stop to the TPP free trade agreement and withdrawing from the Iran agreement. In a globalized world, however, re-establishing trade barriers would be going down the wrong path and would ultimately make everyone, including the Americans, less powerful.”

“VDMA is insisting that the TTIP transatlantic free trade agreement remains on the agenda. The EU is a region that shares common values and is open to negotiations on a level playing field. European policymakers should therefore forge ahead once the new US government has been formed. VDMA remains in favor of a well-negotiated TTIP, as we expect tariff reductions and the harmonization of standards in particular for medium-sized companies for the export of machinery to the United States to save costs in the range of 5 to 18 per cent.”

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